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Calculation of free cash flow for Cade.
Cade Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Cash and cash equivalents
$ 27
$ 26
Accounts receivable
57
53
Inventory
62
55
Plant and equipment
685
580
Accumulated depreciation
( 404)
( 355)
Total assets
$427
$359
Liabilities and stockholders' equity:
Accounts payable.
$ 37
$ 46
Wages payable
21
25
Taxes payable
15
18
Bonds payable
171
170
Deferred taxe
23
22
Common stock
27
30
Retained earnings
133
48
Total liabilities and stockholders' equity
Income Statement
Sales
$895
Cost of goods sold
557
Gross margin
338
Selling and administrative expense
177
Net operating income
161
ncome taxes
Net income
$113
Cade sold some equipment during the period that had cost $100 and had accumulated depreciation of $85. The equipment was sold for $15.
Prepare a statement of cash flows in good form using the indirect method to determine cash from operations. On the basis of the cash flow statement answer the following questions:
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